Palmyra PE made a tender offer to acquire FERRO Spólka Akcyjna (WSE:FRO) from group of shareholders for approximately PLN 220 million on February 4, 2016. Group of shareholders include ING Nationale-Nederlanden Polska Powszechne Towarzystwo Emerytaine S.A., ING Investment Management (Polska) S.A., PKO BP Bankowy Otwarty Fundusz Emerytalny fund of PTE Bankowy, Asset Management Arm, Aviva Powszechne Towarzystwo Emerytalne Aviva BZ WBK S.A., Quercus Towarzystwo Funduszy Inwestycyjnych Spólka Akcyjna and ABH Investments Sp. z o.o. S.K.A. Under the terms of the offer, Palmyra PE will acquire 21.2 million shares at PLN 10.5 per share. Transaction is subject to tender of at least 16.99 million shares representing 80% stake in FERRO, as well as customary anti-trust approvals. The tender offer is expected to commence on February 25, 2016 and end on March 25, 2016.

Palmyra PE made a offer to acquire FERRO Spólka Akcyjna (WSE:FRO) from group of shareholders for approximately PLN 240 million on April 14, 2016. Palmyra increased offer to PLN 11.3 per share. The subscription will run through April 20, 2016. Filip Dutkowski of NBS Communications acted as public relationship advisor for Palmyra PE. Piotr Dulewicz, Pawel Grabowski and Michal Wasiak of Dentons acted as legal advisors for IK Investment Partners.

Palmyra PE cancelled the acquisition of FERRO Spólka Akcyjna (WSE:FRO) from group of shareholders on April 20, 2016. The conditions in the tender for sale of shares of Ferro were not fulfilled. There were no subscriptions for the minimum number of shares. Palmyra will not buy the shares.